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Cisco to Layoff 11,500 Employees

Approximately 15 percent of Cisco's high-powered executives, including those with job appointments of vice-president and above, will face the axe soon as part of the company's plans to revive its dismal fortunes. The cuts weren't entirely unprecedented, for Cisco's chief executive John Chambers did mention that the company has lost its way only three months ago.

Reuters - Cisco Systems plans to cut 15 percent of its jobs and sell a factory as part of a plan to cut annual expenses by $1 billion as the network equipment maker tries to revive its fortunes.

The networking giant is expected to layoff 11,500 employees, compared to several thousands analysts predicted. Cisco will also transfer 5,000 staff members to contract manufacturer Foxconn, slated to buy a Cisco plant in Juarez, Mexico. More on this story here.